Market Analysis

The issue of the market that the product will address is an obvious component in commercialization.  Most people focus on the size of the market - how many people the product will impact.  It may seem counterintuitive, but a small market size in the life sciences is not necessarily a kiss of death.  The key is whether there is a large unmet need.

Genzyme is an example of a large, profitable biotech company that has developed a number of costly treatments for rare diseases.  Since many of these treatments are literally life saving for patients who otherwise have few options, the company is able to charge a premium for treatment.
 

Market Definition

Think about your market from a "bottom up" perspective, not a "top down" perspective such as "cancer therapeutics."  Some things to think about when defining your market include:

• what specific segment of the population will your product target?
• how are they currently being treated?
• is price an issue in your market and if so, how will your product measure up?
• is this a currently recognized need?
• is the market growing, and if so how fast?
• what other potential alternatives are out there that might be on the market alongside your product?

Who Is Your Customer?

Understanding your potential customer is just as important as in any other field.  Depending on what type of product you are developing, your customer might be:

• a doctor
• a patient
• a hospital administrator
• a lab manager
• or any combination of the above!

Understanding all of the customer needs and how they currently operate can make a big difference in a successful product launch.
 

NUCATS Can Help

NUCATS can link investigators with valuable resources like students at the Kellogg School of Management to do market analysis of potential products.  Contact the Research Discovery Program for information and assistance.

Please note: investigators should first disclose inventions to their technology transfer office and discuss steps to keep information confidential and protected before talking to others about their inventions - see our Intellectual Property page for relevant contacts.